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Digital Identity in Healthcare Market Trends

ID: MRFR//10624-HCR | 128 Pages | Author: Aarti Dhapte| July 2024

Digital Identity in Healthcare Market Overview


Digital Identity in Healthcare Market Size was valued at USD 2.93 Billion in 2022. The Digital Identity in Healthcare market industry is projected to grow from USD 3.31 Billion in 2023 to USD 12.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.9% during the forecast period (2023 - 2032). Streamlining physician access to patient records, giving patients more control over their health data, and enabling patients to receive better treatment are the key market drivers enhancing the market growth.


Digital Identity in Healthcare Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Digital Identity in Healthcare Market Trends


Unprecedented crisis witnessing cyberattacks on healthcare systems is driving the market growth


In the healthcare industry, digital identity is more crucial than ever, particularly in light of the COVID-19 epidemic. Cyberattacks on healthcare networks around the world occurred during the unprecedented crisis, leaving patients' highly sensitive medical information open to misuse or theft. A standard definition of a digital identity is a one-to-one connection between a person and their online presence. Digital identification is essential for safeguarding sensitive medical data, increasing efficiency, and assuring appropriate access in the healthcare industry. It is an important tool for modernizing healthcare because of these factors.


Digital identification is important in healthcare for a number of reasons. One of its main advantages is that it gives patients more control over their health data. It enables patients to control how healthcare professionals can access their medical records. Patients can decide, for instance, to only share information with their primary care doctor and no other medical professionals. Another key factor emphasizing the significance of digital identity in healthcare is that it would improve patient care by making it easier for providers to access patients' records. It may be difficult for clinicians to understand a patient's medical history, for example, if the patient has seen multiple specialists or had care at separate locations. In addition, the use of digital identity would increase safety and decrease errors in the healthcare industry. Additionally, it would aid in preventing healthcare fraud.


Few businesses are more knowledgeable about identity verification using numerous sources than Mastercard, the world leader in payments. Mastercard has developed a worldwide payments network over the past 50 years that securely handles more than 75 billion transactions annually for 2.5 billion cards across 210 countries and territories. Leveraging that knowledge, Mastercard launched its ID Verification solution for healthcare in the spring of 2021. To achieve high success rates for automated user verification, the solution combines scanning of official ID documents, face biometrics with liveness detection, and mobile phone intelligence. It is intended to meet the highest standard of assurance set by the federal government for remote consumer-facing identity proofing. Thus, driving the Digital Identity in Healthcare market revenue.


Digital Identity in Healthcare Market Segment Insights


Digital Identity in Healthcare Offering Insights


The Digital Identity in Healthcare Market segmentation, based on offering, includes solutions and services. Solutions segment dominated the global market in 2022. This is made possible by giving businesses the tools they need to put complete, secure identity management systems in place. The efficiency, scalability, and dependability of digital identification solutions are improved through developments in software capabilities, hardware technologies, cloud platforms, integration services, and service offerings. The solutions component segment will continue to develop and innovate as businesses realize the value of secure digital IDs, which will encourage the use of digital identity solutions.


Digital Identity in Healthcare Solution Type Insights


The Digital Identity in Healthcare Market segmentation, based on solution type, includes identity verification, authentication, identity lifecycle management, and other solution types. Authentication segment dominated the Digital Identity in Healthcare Market in 2022. This data is used to calculate an occupant's cost based on how much energy they use over the course of a year, month, or four weeks. Additionally, it lowers the indirect expenses associated with money recovery for property managers.


Digital Identity in Healthcare Identity Type Insights


The Digital Identity in Healthcare Market segmentation, based on identity type, includes biometric and non-biometric. The biometric segment dominated the Digital Identity in Healthcare Market in 2022. The majority of businesses are transitioning to digitization and cloud-based infrastructure, which will enable them to expand their businesses and enhance consumer experiences. The biometrics sector offers high security and assurance, is practical, and moves quickly.


Digital Identity in Healthcare Organization Size Insights


The Digital Identity in Healthcare Market segmentation, based on organization size, includes large organization and SMEs. Large Organization segment dominated the global market in 2022. This may be explained by elements like greater degrees of control and flexibility as compared to cloud systems, which are anticipated to fuel segment expansion throughout the course of the forecasted period.


Figure 1: Digital Identity in Healthcare Market, by Organization Size, 2022 & 2032 (USD Billion)


Digital Identity in Healthcare Market, by Organization Size


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Digital Identity in Healthcare Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Digital Identity in Healthcare Market dominated this market in 2022 (45.80%). North America's market for digital identity solutions is led by the United States, which is supported by the presence of major market participants. Digital verification is now required for all types of digital transactions under the Digital Signature and Electronic Authentication Law (SEAL), which was established by the U.S. Senate. A fintech company called Finastra recently created an eSignature solution for American banks to cut down on paper use, storage costs, and courier expenses. Further, the U.S. Digital Identity in Healthcare market held the largest market share, and the Canada Digital Identity in Healthcare market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: DIGITAL IDENTITY IN HEALTHCARE MARKET SHARE BY REGION 2022 (USD Billion)


DIGITAL IDENTITY IN HEALTHCARE MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Digital Identity in Healthcare market accounted for the healthy market share in 2022. With the frightening coronavirus outbreak, digital identity solutions have emerged as a crucial element of patient security and surveillance. A Know Your Patient approach is being adopted by healthcare institutions, and numerous internet pharmacies are using age verification techniques. Further, the German Digital Identity in Healthcare market held the largest market share, and the U.K Digital Identity in Healthcare market was the fastest growing market in the European region.


The Asia Pacific Digital Identity in Healthcare market is expected to register significant growth from 2023 to 2032. The authorities have been forced to adopt a secure platform because of an increase in data breaches. This platform uses new identity management techniques and artificial intelligence and machine learning to close access gaps that affect clinical and operational workflows while posing no threat to the security and privacy of patient data. Moreover, China’s Digital Identity in Healthcare market held the largest market share, and the Indian Digital Identity in Healthcare market was the fastest growing market in the Asia-Pacific region.


Digital Identity in Healthcare Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Digital Identity in Healthcare market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Digital Identity in Healthcare Industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Digital Identity in Healthcare Industry to benefit clients and increase the market Solution Type. In recent years, the Digital Identity in Healthcare Industry has offered some of the most significant advantages to medicine. Major players in the Digital Identity in Healthcare market, including NEC, Samsung SDS, Thales, Telus, IDEMIA, GBG, Tessi, Daon, ForgeRock, ImageWare, Jumio, iProov, ID R&D, Refinitiv, OneSpan, Smartmatic, Freja EID Group, Vintegris, AU10TIX, Signicat, Duo Security, Syntizen, and Hashcash Consultant Good Digital Identity, are attempting to increase market demand by investing in research and development operations.


Tessi is a supplier of business process services (BPS) meant to help organizations manage their most important procedures. In order to assist big corporate and governmental institutions in monitoring documents, information flows, and payment methods, the company provides comprehensive services including inbound information and document automation, hardware and software services, business process digitization, and outbound information.


Software for identity assurance and biometrics is offered by Daon. The business sells software that builds identity assurance systems using biometric information like vein patterns, retina scans, and finger prints. IdentityX, DaonEngine, DaonEnroll, DaonAnalytics, and Credential Connect are some of its product names.


Key Companies in the Digital Identity in Healthcare market include


  • NEC




  • Samsung SDS




  • Thales




  • Telus




  • IDEMIA




  • GBG




  • Tessi




  • Daon




  • ForgeRock




  • ImageWare




  • Jumio




  • iProov




  • ID R&D




  • Refinitiv




  • OneSpan




  • Smartmatic




  • Freja EID Group




  • Vintegris




  • AU10TIX




  • Signicat




  • Duo Security




  • Syntizen




  • Hashcash Consultant




  • Good Digital Identity




Digital Identity in Healthcare Industry Developments


January 2023: The introduction of Caf's Know Your Everything platform, which enables businesses to protect consumer data, provide the greatest digital experiences, and ultimately boost sales, was announced. This follows a year in which, despite a hard global economic environment in which many entrepreneurs are failing, the company's revenues more than doubled.


Digital Identity in Healthcare Market Segmentation


Digital Identity in Healthcare Offering Outlook




  • Solutions




  • Services




Digital Identity in Healthcare Solution Type Outlook




  • Identity Verification




  • Authentication




  • Identity Lifecycle Management




  • Other Solution Types




Digital Identity in Healthcare Identity Type Outlook




  • Biometric




  • Non-biometric




Digital Identity in Healthcare Organization Size Outlook




  • Large Organization




  • SMEs




Digital Identity in Healthcare Regional Outlook




  • North America








    • US




    • Canada








  • Europe








    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe








  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





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